Midterm 1 Flashcards
What is Process Design?
Configuring inputs and resources in a way that provides value, enhances quality, and is productive.
What is Process Management?
The act of executing and controlling the productive functions of a firm.
What is Process Control?
The act of monitoring a process for its efficacy.
What is Process Improvement?
A proactive effort to enhance process performance
What is Outsourcing?
The act of moving production to a supplier.
What is Nearsourcing?
Moving production geographically closer to where products are sold.
What is Sustainability?
Proactively managing to save resources and to “green” production.
Describe Supply Chain Management
Firms cooperating to create value for customers.
Describe Operations Management
Managing transformation processes to convert inputs into products and services.
What are three primary flows of a supply chain?
Product flows, monetary flows, and information flows.
Why are Service Supply Chains more complex?
The customer is the buyer and the supplier
Describe Combining supply chain and operations
Moving internal operations to external suppliers, thus the transformation occurs from both us and the suppliers
What the Four I’s?
Impacting, improving, innovating, and integrating.
What is Upstream collaboration?
Working and collaborating with suppliers
What is Porter’s Generic Strategies?
Cost, Differentiation, and Focus
Describe Fisher’s Supply Chain Alignment Model
Efficient Supply Chains and Function Products - Match
Responsive Supply Chains and Interactive Products - Match
Define agility
The ability of a supply chain to respond quickly to short-term market changes.
Define adaptability
The capability to adjust a supply chain’s design (i.e., the supply network, manufacturing capabilities, and distribution network) to meet major structural shifts in the market.
Define Order Winners
Those attributes that differentiate a company’s products.
Define Order Qualifiers
Necessary attributes that allow a firm to enter into and compete in a market; a firm’s strategy must account for these necessities.
Define Dynamic Capabilities
Abilities that allow a firm to adapt quickly to market changes.
What is a transactional relationship?
A relationship in which the buyer has many supplier choices, does not need to share internal company information during the exchange, is purchasing a noncritical item, does not require technology innovation from the supplier, and does not expect to experience shortages in supply.
What is a complementary relationship?
A relationship that occurs when companies understand that their core competencies need another firm’s competencies in order to maintain world-class service.
What is a synergistic relationship?
A relationship between two companies who are committed to work together in a way that the result is greater than the sum of the individual parts.